Hello everyone, and welcome to the Piaggio Group first half 2026 financial results conference call. The conference call will be hosted by Alessandra Simonotto, Piaggio Group CFO, and myself.

The slides supporting today's presentation are available on the Piaggio Group website. Before we begin, I would like to remind you that during today's conference call, we may make forward-looking statements based on Piaggio's current expectations and projections about future events.

By their nature, these statements are subject to risks, uncertainties, and other factors that could cause actual results to be materially different from those expressed or implied. These factors are discussed in the safe harbor statement on page two of today's presentation.

With that, I would like to hand the call over to Alessandra.

Good afternoon to everybody, and welcome to our conference call today. I believe that you have already seen our slides and our press release.

As you can read there, the results of the first six the of this first half of 2026 is something that generate in everyone of us a proudness for what we have done versus last year. The most important results is what we already communicate to the market at the beginning of July in terms of revenues, because we are facing a solid growth of revenues, both in constant forex, but also with the current forex we want if we want to see.

Gross margin at 31.6% is the best we ever reached in the last six years. The EBITDA margin is in the first half the highest we get in our life.

About the net financial position, we got the best ever result, both in terms of the second quarter results and also on the first half results. What happened in this six months?

We faced, as Mr. Colaninno underlined in the press release, a period in which the group got a growth in vehicles sold and revenues all over the world, with all the markets that more or less are recovering versus last year in the same period.

The sales in the semester grow up about the 8.5%, and the revenue is about 3.2%. We are facing a very heavy period if we want to see what is happening overall in the market.

We are waiting for new results about all some impact about inflation probably in the next 6 or 12 months. We don't know, because the market is down is up.

The cost of gas, of some precious metals, and so forth, can be different day by day. As of now, we get this result without any impact of we were able to manage all this situation, getting the best result that is you see here.

We think that we can work in the same way for the next month. This is our task.

This is our goal. This is what we have already done.

This is something that we think we could maintain the same positioning that we got as of today.

Okay. Thank you very much, Alessandra.

I think that we can start immediately the Q&A session. Thank you.

Good morning, and thanks for taking my questions. Actually, I have four.

The first is on the second part of the year. Given this set of results, I was wondering whether do you still view the 2026 consensus, which implies a double-digit revenue growth, overall aligned with your internal expectations?

That's the first question. The second one, if you can share with us what has been the volumes trend that you have seen so far in July, and if it is in line with your expectations?

The third is on the volumes trend in Western country in the second half. Do you expect what kind of growth in term of volumes in Western country do you see in the second part of the year, and how do you see the pricing evolution, as I've seen that in the second quarter, the price per unit in Western country was, if I'm not wrong, lower year-on-year?

The very final, is given the strong free cash flow generation in the second quarter, do you still confirm your previous €500 million net debt target by year-end, or do you see room for some better results on this side? Thank you very much.

Hi Monica, good afternoon. I will try to answer to some of this question, and on the others, Raffaele will answer to you.

About the second part of the year and the consensus, yes, in this moment, on the basis of the volumes of sales and forecast we have in our hands, we confirm what we've seen in the consensus for the end of the year. We think that in the rest of 2026, we will be able to get the results that you can see in the consensus.

Okay.

Monica, concerning your second question about volume trend in July, what we are seeing is a similar trend compared to Q2 this year. We have positive contribution coming from all geographic areas, okay?

Concerning your fourth question... There was the

net financial position...

Okay. No, wait, Alessandra.

The first question was about pricing in Europe. In reality, revenue per unit was pretty much in line or even higher than last year.

It's just a mix effect, given the fact that there is a reduction in volumes for motorbikes,

while

scooter improved significantly in Q2. It was just a mix effect.

Then, Alessandra...

The last one was about the net financial position. Yes, we confirm the consensus.

We think that the results at the end of the year will be more or less around €500 million. Then we will do our best just like we have done in the first part of the year, and we will wait and see.

Thank you very much. If I may, just a clarification on the Western countries volumes and pricing.

Thank you for the clarification on the mix. In terms of volumes, can we say that the second part of the year could be a little bit better or at least aligned to the what we have seen so far in Western countries?

You are speaking about in Western countries?

Right.

I think that the figures are more or less aligned on what is we are seeing on July.

As

in France, we are seeing that the volume are going better. We think that also in the rest part of this semester, the trend will be more or less the same.

Thank you very much, and good Thank you.

Thank you, bye.

Good afternoon, everybody. I have three questions.

The first one is a follow-up on the cash generation in the second quarter, because if I look at the payables, they were particularly high and up more than €150 million. Can you just comment on this, and what do you expect for the remaining part of the year?

The second one is on Europe, specifically on the market share, because I think in the press release, you were mentioning a flat trend in terms of market share, but if I look at your number, and specifically your volumes in the first half were down low to mid-single-digit, while the ACEM data show an increase of 15, 16% in the first half in Europe. Can you elaborate on this, just try to understand this gap between your data and the ACEM data?

The last one is on India. We have seen a solid numbers for the second quarter.

Can you comment on the Indian market dynamics, and what do you expect for the remaining part of the year? Thank you.

Emanuele, Raffaele speaking.

Concerning

ACEM data, yes, and market share, yeah, I can confirm that our sell-out was quite strong, and that's the reason why we kept the market share pretty much in line with last year in the scooter segment. We lost something in motorbikes.

That's it. I can confirm that probably, clearly, in H1, the sell-out was outstripping sell-in.

This is the only explanation we have. The data are what we publish, essentially, in terms of market share.

Stable market share in scooter and a slight decline in motorbikes. Then, okay, but this is for US, as you have seen, we gained significantly market share.

Then...

About the payables, yes, you have seen a slight increase versus June 2026, because comparable data is not clearly not December. Our business, as you well known, in any case maintain a different contribution quarter-by-quarter.

As you well known, the second quarter and the third quarter are the more important one more important than the first and the fourth. This is why if you take a look to the payable of June 2025, we were at 625.

Now we have that at 637. This is not so a big difference in the same period of the year.

In this moment, we have more or less closed all the capex for Moto for Guzziland that we will inaugurate in September. We have higher volume than June of last year, and so this is the reason of this slight difference.

On the other hand, you have to consider that at the end of the year, year-by-year, the payable are lower than in June.

About India?

For India, you mean market trend?

Exactly.

Market trend, as you have seen, have been very supportive in H1. I would like to underscore that we gained market share overall around one percentage point, according to SIAM data.

Then if we consider just internal combustion engine vehicles, we gained market share markedly, I would say in the region of 3.3 percentage points. Far, we haven't seen any sign of slowdown.

Probably July will be another very strong month. Just to give an idea, in June, the market and Piaggio, we grew 40%, and July will be another strong month.

This is for light commercial vehicles. The trend is still positive in two-wheeler.

On top of that, and this is something that also our competitor, competitors have been highlighting, the export market is very strong, and keep on being very strong. In H1, according to SIAM data, our export grew 56%, and the trend is very, very supportive.

We have a strong growth in coming from African countries mainly, but we have also decent growth in Latin America. This is for, I hope, I have answered to your question.

Thank you very much.

You're welcome.

Okay. If there are no other questions, we can stop the call now.

As usual, if you need further information, you can call me later this afternoon. Thank you very much.

Bye.